Michigan spin-out goes off on a tangent

Michigan medtech spin-out Tangent Medical has secured a $5m senior debt credit facility ahead of a push to sell its catheter technology in Europe.

GE Capital Healthcare Financial Services, the healthcare investment focused wing of General Electric’s venture unit, are supporting the facility. To date, Tangent has attracted $13.1m in venture funding.

Tangent expects to receive the CE Mark for its NovaCath catheter technology sometime this quarter, and has already been given the go ahead to enter the UK from the British Standards Institution.

Curtis Bloch, vice president of sales and marketing at Tangent, said: “Our focus is to achieve market penetration in the US, and to demonstrate improved clinical outcomes and added value to hospitals in the US. Our milestone in 2014 outside of the US is to secure distribution agreements in the target markets and begin commercial sales outside the US.”